|
|
GXChain
GXChain is a Chinese blockchain project that was established in August 2016 by MQ Huang and Andy. It has offices in Japan, China, UK and Singapore. It is stated in the GXChain’s whitepaper that the main objective of the project is to establish a platform for worldwide data economy. The GXChain team believes that the new era of technological development led to the high demand on a trustful and robust data network. This network is essential for successful existence of 5G networks connection, artificial intelligence and Internet Of Things (IOT).
GXChain (GXS) price online via CoinMarketCap:
Consensus mechanism and governance
GXChain utilizes a hybrid of two-sided governance. The blockchain is simultaneously governed “Off-chain” and “On-Chain”. It means that it is getting human beings and programming code into the management system. This approach helps to maintain decentralized nature of the network as well as its robustness and efficiency. All GXChain users have an opportunity to participate in the governance. GXS asset holders are able to elect executives, choose its global strategy and overall maintenance of the GXChain ecosystem.
GXChain governance consists of the three layers:
- GXS holders
- GXChain TrustNodes
- GXChain committee
GXS holders are a basic unit of the governance of GXChain network. They are the ones who elect GXChain TrustNodes, people that are responsible for the verification of transaction within the network, block production, and broadcast of blocks. They are rewarded for their job with transaction fees. TrustNodes are elected every hour and there are not more than 21 nodes. GXChain Committee is the eleven TrustNodes that gathered the most votes during the election. The committee is trusted to determine the strategic and global decisions on the future of the project. For example, they have a right to propose changes in the block size of the GXChain blockchain, block reward and so on.
Proof of Credit Shares (PoCS) is another mechanism used by GXChain (GXS) for online agreements. This mechanism is used for the technical creation of a public trust chain. PoCS is aimed at solving the exchange of large amounts of data between business entities.
GXChain features
GXChain whitepaper describes a number of important properties of the GXS blockchain, that could be listed in the following way:
- More than 70 built-in smart contracts and integrated development environment (IDE) for the smart contract building
- Cross-chain relay;
- Application software development API
- Theoretical capacity to process up to 100,000 transaction per second
- Multi-language programming IDE
- Transaction fees can be paid with any asset
All these features combined can provide GXChain (GXS) users with a great number of products and services. Such products and services include concept like Block City, a global blockchain-based dapp that will provide a large network for trusted data economy. Another application is decentralized data marketplaces for peer-to-peer trading. The marketplace can help to prevent fraud, protect privacy and copyrights as well as reduce the expenses of transactions.
These services are aimed to extend the quality of future personal data protection, financial services, social networking, gaming, healthcare and many other spheres.
Sources:
